Friday, June 1, 2012

Top Executive at NAI Realvest Appointed Court Receiver for Commercial Property on Hwy 192 in Kissimmee, FL

MAITLAND, FL– Mez R. Birdie (top right photo) CCIM, CPM, SCSM, director of retail and investment services at NAI Realvest, has been appointed court receiver for the retail property located at 4727 W. Highway 192 in Kissimmee.

 Birdie said he will report to the Circuit Court of the 9th Judicial Circuit in Osceola County.

For more information, contact:

 Mez Birdie, CCIM, Director/Retail & Investment Services NAI Realvest

  Patrick Mahoney, President, NAI Realvest, 407-875-9989,

 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

Integrity Home Loan of Central Florida names Junior Simmonds, MBA Senior Loan Officer in Lake Mary, FL Office


LAKE MARY, FL. – Integrity Home Loan of Central Florida, Inc., which provides residential mortgage financing through seven branch offices throughout Central Florida, has appointed Junior Simmonds (top right photo) senior loan officer.

 Matthew Malloy (lower left photo), president of Integrity Home Loan of Central Florida, said Simmonds retired from the U.S. Army and earned his MBA Degree from Belhaven University.  

He has 10 years of experience as a mortgage loan officer originating FHA, VA, USDA and Conventional loans.  Simmonds will be working out of Integrity’s Lake Mary office.

For more information about this press release, contact:

Matt Malloy, President, Integrity Home Loan of Central Florida, 407-688-8268, Ext. 304;

 Jason Scott, Marketing Manager, Integrity Home Loan, 407-688-6618;

 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142,

CalPERS Slashes Pension of Former City of Vernon, CA Official; Pension Fund denies membership to other officials

 SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced that it plans to reduce the pension of a former City of Vernon top official and deny six other officials all or part of their membership into the Pension Fund or their reported compensation used to calculate their pensions.

CalPERS is taking steps to cut the retirement benefit of former City Administrator Bruce Malkenhorst Sr. (top left photo) from $45,073 per month ($540,876 per year)  to $9,654 per month ($115,848 per year), following an audit CalPERS completed in April 2012. The action marks the largest reduction of a pension in CalPERS history.

CalPERS has preliminarily concluded that the outsized pension Malkenhorst Sr. has received since 2005 was illegally based on unpublished pay rates, overtime and an inflated longevity allowance.

In accordance with the Public Employees Retirement Law (PERL), a pension allowance must be calculated on base compensation that is publicly reported, and benefits that are available to all similarly situated employees in the same group or class.

Malkenhorst Sr.’s longevity allowance was 5 percent higher than any other City employee. Of the numerous positions Malkenhorst Sr. performed simultaneously at the City of Vernon, the City Clerk position was the only position that had a publicly available pay rate for a single position, and which did not constitute pay for duties in addition to normal duties, or overtime.

The most recent and applicable pay rate for this position that CalPERS concluded met the definition of “pay rate” was reported by the City in 2005.

If Malkenhorst Sr. and the City of Vernon cannot provide documentation to prove otherwise, his new final reportable compensation will be $9,450 per month, and his pension will be reduced to $9,654 per month.

“Vernon’s reporting and documentation has failed to comply with the legal requirements necessary to justify these payments,” said CalPERS Chief Executive Officer Anne Stausboll (top right photo). “It is an affront to the hundreds of thousands of public employees who rely on a modest CalPERS pension for a secure retirement. We fully intend to pursue recovery of all overpayments where we can.”
There is a three-year statute of limitations on collection of overpayments. If Malkenhorst Sr.’s pension is reduced, he will be liable for overpayments within the statutory timeframe.

CalPERS also found that three former employees of the City of Vernon are completely ineligible for CalPERS membership because they worked as independent contractors.

One current and another former employee were found ineligible for some part of service claimed and also have pay rate discrepancies, and another current employee has compensation discrepancies.

None of these remaining or former employees has received any pension benefit from the CalPERS system. Any reimbursement and/or credit of contributions made into the system on behalf of the ineligible members for the applicable period will be effectuated in accordance with State and Federal law.

 Future pensions of those who have some service credit will have to be based on legal and published pay rates. As of now, the City of Vernon has not produced those records.

Determination letters for the impacted members and the complete City of Vernon Audit are available below.

CalPERS is the nation’s largest public pension fund with approximately $225 billion in assets, providing retirement benefits to more than 1.6 million State, public school, and local public agency employees, retirees, and their families, and health benefits to more than 1.3 million members.

The average CalPERS pension is $2,332 per month ($27,984 per year).

The average benefit for those who retired in the most recent fiscal year that ended June 30, 2011, is $3,065 per month ($36,780 per year)

. For more information about CalPERS, visit


External Affairs Branch
(916) 795-3991
Robert Udall Glazier, Deputy Executive Officer
Brad Pacheco, Chief, Office of Public Affairs
Contact: Amy Norris, Information Officer

Real Estate Industry Leaders Want Smaller Boards; More Relevant Industry Experience

 CHICAGO, June 1, 2012 – A new research paper by Ferguson Partners Ltd., a global executive recruitment consultancy, reveals significant changes in Board attitudes and priorities in the wake of the 2008 financial meltdown.

 Based on the feedback from 12 chairmen and lead independent directors from organizations in real estate, mortgage finance and related sectors (homebuilding, restaurants, hospitality and healthcare),

Boards are looking to change this structure to include more members with hands-on industry experience. In addition, the research shows a trend in preference toward smaller boards of no more than seven to nine members.

“When looking back at the financial meltdown and the economic recession of 2008-09, one of the primary issues centers on the seeming lack of board oversight of the companies that were taking massive balance sheet risk like Lehman Brothers, Bear Sterns and AIG”, said Bill Ferguson (top right photo), Chairman and Chief Executive Officer of Ferguson Partners Ltd.

 “In doing this research, we have gained a better understanding of not only what organizations have learned since 2008, but more importantly, what they are doing now to put the right processes and people in place to avoid future catastrophic outcomes.”

For a complete copy of the company’s news release, please contact:

Amy Smolensky
(312) 485-0053

HFF closes sale $96.2 million commercial loan portfolio

 CHICAGO, IL – HFF announced today that it has closed the sale of a $96.2 million commercial loan portfolio on behalf of a major life insurance company.

The portfolio consisted of 28 sub- and non-performing loans secured by retail, office, self-storage and industrial properties in addition to loans on a parking garage and land parcel. 

The properties are located in secondary and tertiary markets in 14 states, and the average loan size was approximately $3.5 million. 

Three of the loans were sold separately prior to the marketing of the remaining 25 loans.  Although the seller’s preference was to sell the remaining portfolio to one or a very limited number of investors,

HFF provided investors with a menu approach−that is, they were given the opportunity to bid on the entire portfolio, any group of loans or individual loans.   More than 40 offers were procured; 10 of which were for the entire portfolio.  The 25-loan portfolio was sold in its entirety to a single distressed debt fund.  The sale was closed approximately two weeks after the deal was awarded.

This sale followed two earlier portfolio sales, aggregating approximately $89.1 million, on behalf of the same seller.  The portfolios consisted of 20 higher-risk performing, sub-performing and non-performing loans on retail, self-storage, office and industrial properties in addition to a loan on an ice-skating rink.

 The average loan size on these portfolios was slightly larger at approximately $4.5 million.  HFF again provided investors with a menu approach to bidding.  In contrast to the previously mentioned sale, however, five of the 20 loans were sold separately and the remaining loans were divided between one distressed debt fund and a life insurance company.  Sales for these portfolios were executed in a timely manner as well.

The HFF team representing the seller was led by senior managing director Stuart Salins  “The success of these portfolio sales is a testament to a very deep and frothy market and HFF’s ability to effectively navigate this market, combined with our ability to execute an extremely strong competitive bid process,” says Salins.

STUART M. SALINS                                       
HFF Senior Managing Director                        
(312) 528-3650                                                                                                                               

HFF Director, Marketing
(713) 852-3500  

HFF secures $9 million refinancing for shopping center in Boynton Beach, FL

MIAMI, FL - HFF announced today that it has secured a $9 million refinancing for Boynton West Shopping Center (top left photo), a 195,000-square-foot retail center in Boynton Beach, Florida.

HFF worked exclusively on behalf of the borrower, KIR Boynton L.P., to secure the 10-year, fixed-rate securitized loan through Wells Fargo Real Estate Capital Markets.

Boynton West Shopping Center is located at 9903 South Military Trail at the intersection of West Boynton Beach Boulevard.  The property is currently 97 percent occupied and is anchored by Bealls and Burlington Coat Factory. 

The HFF team representing Kimco Income REIT, an affiliate of Kimco Realty Corporation, was led by director Elliott Throne (lower right photo).

“Kimco was able to take advantage of the return of the CMBS market to attain long term financing at a very attractive rate,” stated Throne. “The strength of KIR’s sponsorship enabled them to achieve aggressive terms from several lenders with Wells Fargo eventually offering the most compelling deal.”

For further information, please visit, the company’s blog at, or follow Kimco on Twitter at


ELLIOTT P. THRONE                                 
HFF Director                                                       
(305) 421-6549                                                                                     

HFF Director, Marketing
(713) 852-3500  

HFF arranges $20.1 million financing for three-building industrial portfolio in suburb of Washington, DC

 DALLAS, TX – HFF announced today that it has arranged a $20.1 million financing for a three-building, 272,938-square-foot industrial portfolio located within The Brick Yard Business Park (top left photo) in Laurel, Maryland.

HFF worked exclusively on behalf of the borrower, a joint venture between Jackson-Shaw and Prudential Real Estate Investors, to secure the seven-year, 3.98 percent fixed-rate loan through Principal Global Investors. 

The Brick Yard is located north of the Washington, D.C. Beltway (I-495) and approximately 23 miles southwest of Baltimore, Maryland in an area that was originally home to the Washington Brick Company manufacturing facility and mine. 

The development is part of a larger mixed-use community that encompasses 125 acres of master-planned residential, office, industrial and retail space.  Completed in 2009, the buildings feature modern architecture and state-of-the-art facilities. 

The business park has been recognized by the United States Green Building Council (USGBC) for LEED Silver Core and Shell Certification and has also been named the 2009/2010 NAIOP award winner for best industrial in Washington, D.C.

The HFF team representing the borrower was led by senior managing director Tim Jordan (middle right photo) and managing director Travis Anderson (lower left photo).


TIMOTHY JORDAN                       
 HFF Senior Managing Director         
 (214) 265-0880                                                      

TRAVIS ANDERSON                  
HFF Managing Director                 
(214) 265-0880                                                   

HFF Director, Marketing
(713) 852-3500  

HFF hires Scott Hall as managing director in its San Diego, CA office


SAN DIEGO, CA – HFF announced today that Scott Hall (top right photo) has joined the firm as a managing director in its San Diego office.  Mr. Hall will specialize in hotel investment sales as well as hotel and resort equity and debt placement transactions.

Prior to joining HFF, Mr. Hall worked for Lowe Enterprises as a vice president in the Hospitality Group and, most recently, in the Real Estate Services Group.  Prior to that, he worked as an acquisition, finance and development associate at Watt Commercial Properties.

 Mr. Hall began his career in real estate at Fieldstone Communities as a land acquisition and market analyst.  He earned both his master’s and bachelor’s degrees from the University of California at Los Angeles and is a member of Urban Land Institute.

“We are looking forward to the addition of Scott to help grow our firm’s national hotel investment sales platform, in addition to supporting and expanding the San Diego office’s capital markets and investment sales efforts,”  said Tim Wright (lower left photo), senior managing director and head of HFF’s San Diego office..  “We know his dedication and past experience will make him a valuable asset to the team


TIMOTHY WRIGHT                                
Ca. Lic. #00947194                             
 HFF Senior Managing Director          
 (858) 552-7690                                                            

NICHOLAS PSYLLOS                             
Ca. Lic. #00788060                       
HFF Senior Managing Director       
(858) 552-7690                                     

HFF Director, Marketing
(713) 852-3500  

Five Teams Recognized as Award Winners of CANstruction San Diego Design-Build Competition and Food Drive


 SAN DIEGO, CA – They came in all colors, themes, shapes and sizes, but the winning entries of this year’s CANstruction San Diego competition all had one thing in common: creative ingenuity. 

 McCarthy Building Companies, Inc. (, RJC Architects (, IBI Group (, Kearny Mesa High Construction Tech Academy, and Crawford High School – IDEA came together to compete in this annual design-build competition, sponsored the Society for Design Administration, an affiliate of the American Institute of Architects.

Each team of 10 was tasked with collecting donations of canned goods, devising a design, and creating huge works of sculptural art made entirely out of canned goods.

Close to 50,000 cans of food, weighing approximately 40,000 pounds, were used to create the structures, some as much as eight feet tall and ten feet wide. 

For a complete copy of the company’s news release and photos, please contact:

 Bonnie Kutch
Kutch & Company
3904 Groton Street 
Suite 203
San Diego, California 92110

Tallen & Keshen Holding’s Asset Services Group Engaged to Advise the White Sands Mall in New Mexico on Value Creation and Leasing Strategies

 LOS ANGELES, CA, June 1, 2012 --  It was announced today that retail developer Tallen & Keshen Holdings (TKH) and its asset services division has been engaged to advise the White Sands Mall (top left photo) in Southern New Mexico on leasing, repositioning and value creation strategies.

The White Sands Mall located in Alamogordo, NM proximate to the Holloman Air Force Base, is comprised of 266,839 square feet. Anchor tenants are JCPenney, BIGKmart and Beall's Department Store. The Mall built in 1982 is a mainstay shopping destination for Southern New Mexico.

Alamogordo, NM, the county seat of Otero County, has also been the filming location of the hugely successful 2007 Transformers film and is located adjacent to numerous historic, ecreational and tourist destinations.

"We're planning to engage in a decisive program to expand shopping, dining and entertainment options," comments Terrence Tallen (middle left photo), TKH co-founder and co-owner.

 "We're going to work with the community, our valued tenants already at the property and our extensive relationships with national, regional and local retailers to enhance the tenant mix and shopping experience," further comments Tallen.

"We have long standing business and real estate relationships in both New Mexico and nearby Texas and also own retail assets in the Southwest; our experience and relationships in these markets will provide added exposure and tenant interest for the White Sands Mall.

"We want to enhance the visitor shopping experience as well as necessity based retail uses," comments Anne Keshen (top right photo), TKH co-founder and co-owner.

Tallen & Keshen Holdings and its wholly owned affiliates are a privately owned real estate development, value creation and asset services company. They own, operate, lease and manage assets throughout the West coast, in the Southwest and Florida, with offices in Northern and Southern CA and Santa Fe, NM.

The company has distinguished itself as a leading group in the turn around and redevelopment of underperforming and challenged shopping centers, dark retailer projects and assisting lenders and other asset owners in value preservation and enhancement.

The principals and project team have previously been in senior management positions of Retail REIT's, institutional developer and ownership groups, financial and banking institutions and have legal, asset management, value creation, leasing and financial expertise.

 Please contact Kristin Wu at for further information about the company or visit our web site at

For project leasing information contact Terrence Tallen at or 310.281.6178.